|
Singapore-based SP Chemicals will build a US$1.2 billion petrochemical complex in central Vietnam and, for the purpose, signed a memorandum of understanding with a local government Friday.
The plant, in Phu Yen Province’s Hoa Tam commune, will annually manufacture 1.5 million tons of aniline, caustic soda, chlorine, and chemicals.
The products, with application in a range of industries like textiles, petrochemicals, paper, consumer goods, pharmaceuticals, and metallurgy, will be exported to China and sold domestically.
Hoa Tam was the best location for the large project due to its easy road access, executive director and CEO of SP Chemicals, Chan Hiang Siang, said, adding the facility was likely to be ready in 2012.
The company will provide $3 million for acquiring land and paying compensation to residents.
It will be Vietnam’s largest such plant and crucial for the province in attracting further foreign investments.
| 
